Bitcoin Limited to $50K-$55K Resistance as Momentum Slows

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Bitcoin (BTC) sellers stay energetic regardless of indicators of short-term assist on the charts.

The cryptocurrency was buying and selling round its 200-day transferring common, at the moment at $46,000, and is roughly flat over the previous week. Upside seems to be restricted given sturdy resistance between $50,000-$55,000.

On the every day chart, bitcoin registered a draw back exhaustion sign, which suggests a short-term value bounce is probably going. The relative power index (RSI) can be oversold, which usually preceded value rises related to what occurred in late September.

Still, the lack of upside momentum on the weekly chart is regarding. Multiple failed makes an attempt at an all-time value excessive close to $69,000 suggests the broader uptrend is weakening. BTC is at a crucial juncture and stays weak to one other 20% value drop, assuming consumers are unable to maintain present assist ranges.